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Help me decide on a price for my mum's house

5 replies

marzipancustard · 02/09/2015 14:37

I'm looking for some opinions. I'm helping my mum to sell her house - have four agents coming around tomorrow to value it but I know ultimately it's our call what price we put it on the market for.

The reason for selling is that my mum bought it as a project 25 years ago, and since then hasn't had enough money to do it up as she'd like. She put in central heating and double glazing but it is a complete refurb job.

The house is a 3 bed semi in a good area with good schools, popular with buyers. Similar 'done' houses in the street go for £160,000-£180,000 depending on whether attics have been converted, extensions done, walls knocked down etc.

To give you an idea of the size of the 'project'... The (massive) garden needs taming, lots of walls need replastering, it needs a new kitchen & wall knocking down (currently tiny kitchen at the back as with most 30s houses) to open up space, new bathroom, complete refurb.

How much should we price it at? We're thinking 130-140,000 and obviously will have a better idea once the agents have been and valued, but wanted some opinions. Also how much should we accept (as opposed to market price) I think 120,000 would be a good price but is this too low?

OP posts:
Finola1step · 02/09/2015 14:42

Very difficult to say. I would take the 4 agents quotes and go for a figure right in between the highest and lowest valuations. Then make it clear that the house is priced to allow for modernisation in the details. Be prepared to accept approx 7-8% off the asking price. Or make it clear that the asking price is In Excess of Offers.

Mintyy · 02/09/2015 14:44

Ask again when you've had the four Estate Agent valuations??

PollyGone · 02/09/2015 14:57

Send it to auction with a reserve on it?

marzipancustard · 02/09/2015 15:13

Finola1step thanks that's really helpful :)

PollyGone we did consider selling at auction but think we could possibly get more via private sale. Something to consider though.

OP posts:
PigletJohn · 02/09/2015 15:22

if it is difficult to price, but the person who wants it may be eager, OIEO may pluck them out of the woodwork.

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